Progressive Reports May Results

The Progressive Corporation, based in Mayfield Village, Ohio, reported a GAAP combined ratio of 97.5 for May. Net premiums written for the month gained 11 percent to $557.0 million, compared with $502.4 million last year. Net premiums earned for the month were $541.7 million.

For the year-to-date, the combined ratio was 96.6. Net premiums written grew six percent to $42,980.2 million, in comparison to $2,802.1 million for 2000, while net premiums earned were $2,881.3 million.

Progressive Personal Lines business units write insurance, either via an agent or directly by the company, for private passenger automobiles and recreation vehicles. Along with its personal lines business, the company also authors lines of business in writing insurance for small fleets of commercial vehicles, lenders’ collateral protection, and directors’ and officers’ liability, along with providing related services.

The company sells its products through more than 30,000 independent agents.